Amazon, Plug Power Supply Agreement 'Just Another Tech Upgrade'

Top Institutional Investors That Own Plug Power Inc. (PLUG)

Garry Little
|
06 April, 2017, 02:00

On Wednesday, hydrogen fuel cell company Plug Power announced that Amazon would be changing its electric forklifts to hydrogen fuel cell-powered ones at 11 of its fulfillment centers. They set a "buy" rating and a $3.00 target price on the stock. But that theory hasn't proven true in the past, so until we see Plug Power become profitable, I'll remain skeptical about this signing.

The deal will have Plug Power Inc providing Amazon.com, Inc. with its GenKey technology. At ProMat, the SiteView display demonstrates how the GenDrive fuel cells share operational health and performance information with Plug Power's intelligent data monitoring hubs, enabling remote diagnostics, predictive and preventative maintenance, and deployment of rapid-response service. They now have a Dollars 3 price target on the stock.

As part of the deal, Plug Power said it will collaborate with Amazon on technology research. Hudson Bay Capital Management Lp owns $14.1 million in Plug Power Inc., which represents roughly 5.51% of the company's market cap and approximately 21.05% of the institutional ownership. The company reported revenue of $48.73 Million in the same period a year ago.

Plug Power Inc. (NASDAQ:PLUG)'s distance from 200 day simple moving average is -4.7 percent, its distance from 50 day simple moving average is 23.26 percent, while its distance from 20 day simple moving average is 16.55 percent. The stock now has a 52-week trading range of $587.50 to $923.72 and a consensus price target of $959.36. (NASDAQ:AMZN) to utilize Plug Power fuel cells and hydrogen technology in its fulfillment network.

Despite having an average trading volume of roughly 6.5 million daily, Plug Power actually does not have much of an analyst following.

For active investment technical position of Plug Power Inc. The stock presently has an average rating of "Buy" and a consensus price target of $2.04.

Plug Power said in a press release that Amazon would be spending about $70 million in 2017 to purchase Plug Power's GenKey systems, which include fuel cells for forklifts, stationary fuel cells for backup power, hydrogen fueling infrastructure and fuel, as well as customer support. Likewise, fuel cells should help make industrial machines more reliable and run longer.

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